Apr 23 2009
How to Legally Stop Paying Interest on Credit Cards
With the economy being in such a bad shape people who have been using credit cards are finding it hard to make the minimum payment.
When they pay the minimum payment it does little on paying on the principal because most goes to paying the high interest. And just recently Credit Cards have increased the interest so your payment may not pay anything but the interest.
So you may have to pay 3 to 5 times what the cost of an item was when you made the purchased. Getting rid of the interest can be the only way to ever getting your credit card debt paid off.
There is a legal way to get out of paying this high interest so the amount you pay every month will go toward the principal.
If you receive offers from other companies wanting you to apply for another credit card, don’t throw them away. Read them very carefully to see if they offer a FREE “No INTEREST” transfer. This may be an offer that last for 12 to 16 months. Just think how fast you can get your credit card debt paid off if all your payment went toward the principal. Now may be the time for you to think about doing this transfer. At least you wont be paying any interest and if you don’t use that credit card to make new purchases you can actually pay off your debt. If you don’t get it paid off in the allotted amount of time you can always do another transfer to a new card. But before you do check to see if the credit card you have is charging for a transfer. Some do, but most of the time it is far less than what you would pay in interest for a year or more. The highest transfer rate I have found was from $25 to $75.
Now as you pay down your principal your monthly payments will start to get lower. Whatever you do, do not pay less than you was paying when you first got your card. This is a trap the credit card companies use to keep you owing them. Add more to your payments if possible, even $5 to $10 more a month will bring you closer to being debt free.
Wishing you a debt free life.
P.S. Next we will learn How to make
money with your cash back credit cards.
